Meta Platforms, Inc. (NASDAQ:META) Shares Purchased by Palisades Hudson Asset Management L.P.

Palisades Hudson Asset Management L.P. raised its holdings in Meta Platforms, Inc. (NASDAQ:META) by 6.0% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,128 shares of the social networking company’s stock after purchasing an additional 64 shares during the period. Palisades Hudson Asset Management L.P.’s holdings in Meta Platforms were worth $569,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. S.A. Mason LLC lifted its position in Meta Platforms by 1.5% during the first quarter. S.A. Mason LLC now owns 1,328 shares of the social networking company’s stock worth $645,000 after acquiring an additional 20 shares during the last quarter. Horizon Bancorp Inc. IN boosted its stake in shares of Meta Platforms by 2.0% in the 1st quarter. Horizon Bancorp Inc. IN now owns 1,057 shares of the social networking company’s stock valued at $513,000 after purchasing an additional 21 shares in the last quarter. Northern Capital Management Inc. boosted its holdings in shares of Meta Platforms by 3.4% during the 1st quarter. Northern Capital Management Inc. now owns 647 shares of the social networking company’s stock valued at $314,000 after acquiring an additional 21 shares in the last quarter. Buckingham Capital Management Inc. grew its holdings in shares of Meta Platforms by 5.1% during the second quarter. Buckingham Capital Management Inc. now owns 433 shares of the social networking company’s stock worth $218,000 after purchasing an additional 21 shares during the last quarter. Finally, LongView Wealth Management increased its position in Meta Platforms by 1.3% in the 1st quarter. LongView Wealth Management now owns 1,762 shares of the social networking company’s stock valued at $856,000 after acquiring an additional 22 shares during the period. 79.91% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Jennifer Newstead sold 905 shares of Meta Platforms stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $500.00, for a total value of $452,500.00. Following the completion of the sale, the insider now owns 40,560 shares in the company, valued at $20,280,000. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CEO Mark Zuckerberg sold 150 shares of Meta Platforms stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $500.49, for a total transaction of $75,073.50. Following the completion of the sale, the chief executive officer now owns 124,387 shares of the company’s stock, valued at $62,254,449.63. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Jennifer Newstead sold 905 shares of the firm’s stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $500.00, for a total value of $452,500.00. Following the completion of the transaction, the insider now directly owns 40,560 shares in the company, valued at $20,280,000. The disclosure for this sale can be found here. Insiders have sold 392,082 shares of company stock valued at $202,909,089 in the last three months. Corporate insiders own 13.71% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently commented on META. Truist Financial upped their target price on Meta Platforms from $535.00 to $570.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Tigress Financial boosted their price objective on Meta Platforms from $575.00 to $645.00 and gave the stock a “strong-buy” rating in a report on Friday, August 16th. TD Securities increased their price target on Meta Platforms from $530.00 to $600.00 in a research report on Wednesday, July 10th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $570.00 price target on shares of Meta Platforms in a research report on Thursday, August 1st. Finally, Stifel Nicolaus upped their target price on shares of Meta Platforms from $550.00 to $590.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating, thirty-two have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $574.41.

Meta Platforms Stock Down 1.8 %

META opened at $511.76 on Wednesday. The business has a 50 day simple moving average of $505.32 and a 200-day simple moving average of $493.64. The stock has a market capitalization of $1.30 trillion, a P/E ratio of 29.39, a P/E/G ratio of 1.29 and a beta of 1.21. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.83 and a quick ratio of 2.83. Meta Platforms, Inc. has a 12 month low of $279.40 and a 12 month high of $544.23.

Meta Platforms (NASDAQ:META) last released its quarterly earnings results on Wednesday, July 31st. The social networking company reported $5.16 earnings per share for the quarter, topping the consensus estimate of $4.70 by $0.46. The company had revenue of $39.07 billion during the quarter, compared to the consensus estimate of $38.26 billion. Meta Platforms had a return on equity of 34.16% and a net margin of 34.34%. Meta Platforms’s revenue was up 22.1% compared to the same quarter last year. During the same quarter last year, the business posted $3.23 earnings per share. On average, equities analysts anticipate that Meta Platforms, Inc. will post 21.3 earnings per share for the current fiscal year.

About Meta Platforms

Meta Platforms, Inc engages in the development of products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets, and wearables worldwide. It operates in two segments, Family of Apps and Reality Labs. The Family of Apps segment offers Facebook, which enables people to share, discuss, discover, and connect with interests; Instagram, a community for sharing photos, videos, and private messages, as well as feed, stories, reels, video, live, and shops; Messenger, a messaging application for people to connect with friends, family, communities, and businesses across platforms and devices through text, audio, and video calls; and WhatsApp, a messaging application that is used by people and businesses to communicate and transact privately.